408 2230Provo, UT 84604

Property Details for 408 2230

Year built

1989

Property size (Sq ft)

7,000 SF

Property type

Retail properties

Description

This exceptional two-tenant retail investment property, located at 408 W 2230 N in Provo, Utah (84604), presents a compelling opportunity. The 7,000 square foot building, constructed in 1989, is situated within the River's Edge Shopping Center, less than a mile from Brigham Young University, offering excellent visibility and access. Currently, the property boasts a 50% occupancy rate, with one tenant, Café Zupas, a QSR establishment, occupying half the space and expressing interest in lease renewal. The second space, previously occupied by Wilson Diamond's, is currently generating rental income despite the tenant's relocation. The property's current NOI is $164,820, with a projected NOI of $308,000 by 2026, representing a significant potential for increased profitability. The asking price is $3,800,000, translating to a price per square foot of $542 and a current cap rate of 4.33%. The property is classified as Class B, features a single-story building, and operates under a NNN lease structure. The property's APN is 517330007. This investment offers a strong potential for significant return on investment, driven by the projected NOI growth and prime location near a major university. The property is part of a larger shopping center that includes multi-family units, further enhancing its appeal and potential for future growth.

Location Insight

City

Provo

County

Utah

State

Utah

Latitude

40.2638

Longitude

-111.667

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